TRxADE Health (NASDAQ: MEDS), a health-services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States, is reporting key results for quarter three 2022, which ended Sept. 30, 2022. As the company continues to expand its breakthrough digital care healthcare services IT platform nationwide, numbers are showing consistent growth; the company added 291 new registered members in Q3 2022, bringing the total of new registered members for the first nine months of 2022 to 1,149. In addition, during the quarter, the company’s digital healthcare subsidiary signed a telemedicine services distribution agreement. The agreement, which is with Wakefern Food Corp., calls for TRxADE to provide telemedicine services and prescription discount services throughout ShopRite pharmacy-led locations in New Jersey, New York, Pennsylvania, Connecticut and Maryland. During the quarter, Bonum Health also inked a strategic services distribution deal with multiple insurance brokerage firms to offer telemedicine services for small- to medium-size employer groups.
Financially, the company reported that consolidated revenues for Q3 2022 decreased 6% to $2.4 million, compared to $2.6 million in Q3 2021. The company attributed the decrease to its TRxADE Prime and Community Specialty Pharmacy subsidiaries, noting that revenues generated by the TRxADE platform increased throughout 2022. Gross profit also increased, totaling $1.4 million in Q3 2022 compared to $1.3 million for the same period in 2021. Operating expenses for the quarter improved, totaling $1.8 million compared to $2.6 million in the same quarter last year. Overall, net loss for the quarter was ($0.5) million, down from the net loss of ($1.3) million reported in Q3 2021. “These first nine months of 2022 have been an exciting and challenging time for TRxADE,” said TRxADE founder, chair and CEO Suren Ajjarapu in the press release. “We continue to focus the company’s strategic plans and partnerships working towards creating sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE platform. We continue to achieve key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.”
To view the full press release, visit https://ibn.fm/pvs0Q
About TRxADE Health Inc
TRxADE Health is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States. The company operates the TRxADE drug procurement marketplace serving more than 14,000 members nationwide, fostering price transparency and, under the Bonum Health brand, offering patient-centric telehealth services. For more information about the company, please visit www.Trxade.com and www.BonumHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://ibn.fm/MEDS
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